ATLANTIC CITY, N.J. — Casino profits fell by more than 15% in Atlantic City in 2018, a year in which the downsized market reopened two shuttered gambling halls, according to figures released Monday.
The result was a decrease in gross operating profit of 15.4% for the year, to $582 million.
Five of Atlantic City’s 12 casinos closed between 2014 and 2016, and the market seemed to have stabilized at a smaller level with less competition. But the reopening in June of Revel as the Ocean Resort Casino, and the Trump Taj Mahal as the Hard Rock put two new competitors back into the mix.
Of the seven casinos that had been operating at the start of last year, five of them saw lower gross operating profits, according to statistics released by the New Jersey Division of Gaming Enforcement.
Only Tropicana and Golden Nugget increased their operating profits last year.
James Plousis, chairman of the New Jersey Casino Control Commission, acknowledged that “profit margins were tighter.”